Multi-Generational IRA Planning

A client recently asked me about an article she had read about  “Multi-Generational” IRA planning and wondered if her IRA was an “MGIRA.”  I read the article and was surprised at a comment the author made about estate planning attorneys not knowing enough about complex income tax issues to know what an “MGIRA” is.

 First of all, please read this article  for more information.  The estate planning attorneys at the Dana Law Firm have the education and experience to properly advise our clients about complex income tax issues.  Several of our attorneys have tax and accounting backgrounds, including a few that have advanced law degrees in taxation.  We are familiar with the issues concerning an inherited IRA, whether you call it an “MGIRA,” “stretch IRA,” or “beneficiary IRA.”

 More importantly, I would like to emphasize that while there are complex issues involved with designating a trust as an IRA beneficiary, that certainly does not mean that you cannot or should not designate a trust as the beneficiary of your IRA.  There are definitely circumstances when it makes sense to do so, but it is important to seek proper advice first.

 Please call for an appointment to discuss your specific circumstances to make sure the beneficiary designations on your IRA will be effective as part of your overall estate plan.

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